all of the clients, the loans disbursed were valued at more than US$13.2 million. Pakistan The First MicroFinance Bank-Pakistan (FMFB-P) was the first bank to be licensed in Pakistan, in March 2002, under the country's new microfinance regulatory framework. It initially began as a programme in Rawalpindi and Karachi in 2002. In 2009, FMFB-P saw a 20 percent increase in its number of loan beneficiaries as well as a 30 percent increase in the number of savers. FMFB-P finished 2010 with over 206,000 outstanding loans valued at US$33.3 million. A quarter of FMFB-P's microcredit beneficiaries are women. More than 180,000 savings clients had deposited over US$40 million with the bank by the end of the year. Drawing on other work done on clients needs research, FMFB-P and Harvard University started the development of social performance indicators to understand the needs of urban and rural clients so that they can develop products to better serve their clients. Tajikistan Tajikistan is one of the least developed of the 15 former Soviet Republics partially due to limited employment possibilities in the country. The First MicroFinance Bank-Tajikistan (FMFB-T) received its banking licence and commenced operations as a microfinance bank in July 2004. FMFB-T is currently one of two microfinance banks in the country along with numerous microfinance institutions. Around 350,000 households are estimated to be living under the poverty line, out of which it is estimated that 127,000 households had access to microfinance services at the end of December 2010. At the end of 2009, FMFB-T had 11,705 outstanding loans with a total value of US$20.3 million. Egypt The First MicroFinance Foundation (FMF) was established in 2005 and was able to maintain a portfolio at risk in line with worldwide best practices, achieving 98 percent operational sustainability. FMF reached nearly 19,000 beneficiaries in 2009, with outstanding loans totalling US$4.5 million. The proportion of women borrowers has been maintained at 45 percent. Demand for microfinance is estimated at 20 million households, and only one million of those households are currently being served by existing microfinance entities. A small and medium enterprise department at FMF, which was piloted in May 2009, has financed a number of businesses in Darb al-Ahmar, one of the poorest areas in Cairo. Syria The First MicroFinance Institution Syria (FMFI-S) was established as a programme in March 2003 and was the first private-sector microfinance service provider in Syria. In 2009, the institution